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    題名: 企業合併與股權結構的關係研究─以銀行業為例
    Research of Mergers & Acquisitions and Ownership Structure - Subject to Banking Industry
    作者: 徐士博
    Hsu, Shih Po
    貢獻者: 胡聯國
    Hu, Len Kuo
    徐士博
    Hsu, Shih Po
    關鍵詞: 銀行合併
    股權結構
    文化差異
    Bank Merger
    Ownership Structure
    Culture Distance
    日期: 2005
    上傳時間: 2009-09-18 14:09:37 (UTC+8)
    摘要: 本文研究的是公司的所有權結構對於合併關係的影響，衡量是否在雙方銀行持股結構差異較大時，雙方合併的綜效或風險會因此而增加。本研究的另一項重點，在於試圖對一些在股權結構上的傳統認知提出挑戰。我們往往認為政府持股比率越高時，企業整體的營運會趨於無效率化；而當法人或金融機構持股比率較高時，這些公司較能夠用公正的立場來監督董事會或是企業經營的成果；而家族持股比率部分，說法則正反不一。本部分研究與其他類似研究的最大不同點，是挑選了台灣近年蓬勃發展的銀行業，希望能在此高度受到管制的行業當中，找出證據證明或是反駁上述的刻板印象。
    經過研究與分析之後我們發現，家族以及政府機關持股比率對銀行的發展存在不良影響，然而我們卻缺乏顯著證據證明金融機構持股比率將有利於銀行合併。最後，在本研究中代表部分文化差異的持股結構差異變數，對於銀行在合併前後的提列呆帳準備、稅前淨利以及營運成本有顯著的不良影響，符合本研究的基本假設。
    This paper is to examine the relationship between corporate ownership structure and mergers & acquisitions, and to comprehend whether the “Ownership Distance” will affect the synergy or the risk during corporate mergers & acquisitions. Moreover, we study the conventional wisdom of relationship between ownership structure and corporate governance. Traditionally, we are usually accepted the idea that government controlling companies will result in operating inefficiency, and institutional shareholders are more impartial auditors.
    First, our results in sample of Taiwan banking industry indicate that the family and government shareholders are harmful to corporate governance, and the result of financial institutional shareholders is uncertain. Second, we find evidence that the “Ownership Distance” which roughly describes culture distance between merger companies will have a negative impact on several income statement components such as “provisions”, “earning before tax”, and “overhead cost”. The result is cohered with our hypothesis.
    參考文獻: 中文部分
    1. 企業購併：全方位評估並掌握當前M&A環境，2002，J. Fred Weston、Samuel C. Weaver
    2. 杜文禮，賴鈺城，謝永清，金融全球化對國內金融機構之影響，貨幣市場第八卷第五期，2004年10月
    3. 吳盈潔，企業購併對組織文化與組織系承諾之影響－以元大京華證券為例，國立中央大學人力資源管理研究所碩士論文，民國91年6月
    4. 金融控股公司：法制監理與經營策略，2004，彭金隆
    5. 陳佩吟，企業股權結構與企業經營決策、經營績效之關係，國立台灣大學商學研究所未出版碩士論文，民國85年6月
    6. 彭金隆與司徒達賢，金融控股公司法、金融集團總體策略與金融機構網絡定位策略─保險業觀點，民國91年
    7. 楊俊中，「股權結構與經營績效相關性之研究」，國立臺灣大學會計研究所碩士論文，民國87年6月。
    8. 龔靜雯，「企業購併下組織文化與組織承諾之研究--以立榮航空為例」，元智大學管理研究所碩士論文，民國89年。
    9. Mitchell Lee Marks、Philip Mirvis， Joining Forces：making one plus one equal three in mergers, acquisitions and alliance，1999
    英文部分
    1. Akhavein, J.D., Berger, A.N., Humphrey, D.B., 1997, The effects of megamergers on efficiency and prices: Evidence from a bank profit function, Review of Industrial Organization, 12, 95-139
    2. Berger, A.N., Hannan, T.H., 1989, The price-concentration relationship in banking, Review of Economics and Statistics, 71, 291-299
    3. Berger, A.N., Hannan, T.H., 1997, Using measures of firm efficiency to distinguish among alternative explanations of the structure-performance relationship, Managerial Finance, 23, 6-31
    4. Berger, A.N., Humphrey, D.B., 1992, Megamergers in banking and the use of cost efficiency as an antitrust defense. Antitrust Bulletin, 37, 541-600
    5. Berle, Adolf, and Gardiner Means, 1932, The Modern Corporation and Private Property (MacMillan, New York, N.Y.)
    6. Cummins, J.D., Zi, H., 1998, Comparison of frontier efficiency methods: An application to the US life insurance industry, Journal of Productivity Analysis
    7. Donald Gudmundson, C. Burk Tower, and E. Alan Hartman, 2003, Innovation in Small Businesses: Culture and Ownership Structure Do Matter, Journal of Developmental Entrepreneurship, Vol.8(1), 1-17
    8. Donckels, R., and Frohlich, E., 1991, Are Family Businesses Really Different? European Experiences from STRATOS, Family Business Review, 4(2), 140-160
    9. Grace, M., Timme, S.G., 1992, An examination of cost economies in the United States life insurance industry, Journal of Risk and Insurance, 59, 72-103
    10. Gardner, L., Grace, M., 1993, X-Efficiency in the US life insurance industry, Journal of Banking and Finance, 17, 497-510
    11. Goldberg, L.G., Hanweck, G..A., Keenan, M., Young, A., 1991, Economics of scale and scope in the securities industry, Journal of Banking and Finance, 15, 91-107
    12. Grossman, Sanford, and Oliver Hart, 1980, Takeover bids, the free-rider problem, and the theory of the corporation, Bell Journal of Economics, 11, 42-64
    13. Hannan, T.H., 1991, Bank commercial loan markets and the role of market structure: Evidence from surveys of commercial lending. Journal of Banking and Finance, 15, 133-149
    14. Hannan, T.H., Berger, A.H., 1991, The rigidity of prices: Evidence from the banking industry, American Economic Review, 81, 938-945
    15. Hannan, T.H., 1994, Asymmetric price rigidity and the responsiveness of customers to price changes: The case of deposit interest rates, Journal of Financial Services Research, 8, 257-267
    16. Hughes, J.P., Lang, W., Mester, L.J., Moon, C.G., 1999, The dollars and sense of bank consolidation, Journal of Banking and Finance, 23, 291-324
    17. Herman, E.S., 1981, Corporate Control, Corporate Power. Cambridge: Cambridge, University Press.
    18. Jackson W.E., III, 1997, Market structure and the speed of price adjustments: Evidence of non-monotonicity, Review of Industrial Organization, 12, 37-57
    19. Kwan, S.H., 1997, Securities activities by commercial banking firms’ section 20 subsidiaries: Risk, return, and diversification benefits. Mimeo, Federal Reserve Bank of San Francisco, San Francisco, CA. Oct. 1997
    20. Kesner I., 1987, Directors’ Characteristics and Committee Membership: An Investigation of Type, Occupation, Tenure and Gender. Academy of Management Journal, 31: 66-84
    21. Hu Len-Kuo, 2005, Cyclical Cooperation and Non-cooperation in an Economic Organization – An Implication on the Japanese Economy
    22. Linder, J.C., Crane, D.B., 1992, Bank mergers: Integration and profitability, Journal of Financial Services Research, 7, 35-55
    23. Neumark, D., Sharpe, S.A., 1992, Market structure and the nature of price rigidity: Evidence from the market for consumer deposit, Quarterly Journal of Economics, 107, 657-680
    24. Prowse, S.D., 1997, Alternative methods of corporate control in commercial banks, Journal of Financial Research, 20(4), 509-527
    25. Rhoades, S.A., 1993, The efficiency effects of horizontal bank mergers, Journal of Banking and Finance, 17, 411-422
    26. Rafael La Porta, Florencio Lopez-de-silanes, and Andrel Shleiger, 1999, Corporate Ownership Around the World, The Journal of Finance, Vol. Liv, No.2, 471-517
    27. Robert De Young, Karin P. Roland, 2001, Product Mix and Earnings Volatility at Commercial Banks: Evidence from a Degree of Leverage Model, Journal of Financial Intermediation, Vol. 10, 54-84
    28. The Value Effects of Bank Mergers and Acquisitions, Wharton Financial Institutions Center, 2004
    29. Saunders, A., Walter, I., 1994, Universal Banking in the United States. Oxford University Press, New York
    30. Shleifer, Andrei, and Robert Vishny, 1997, A survey of corporate governance, Journal of Finance, 52, 737-783
    31. Shen Ming-Jian, Hsu Chung-Cheng, Chen Ming-Chia, A Study of Ownership Structures and Firm Values Under Corporate Governance – The Case of Listed and OTC Companies in Taiwan’s Finance Industry, The Journal of American Academy of Business, Cambridge Vol.8.
    32. Srinivasan, A., Wall, L.D., 1992, Cost savings associated with bank mergers, Working paper, Federal Reserve Bank of Atlanta, Atlanta GA
    33. Stijn Claessens, Simeon Djankov, and Larry H.P. Lang, 1998, The Separation of Ownership and Control in East Asian Corporations, World Bank, Chinese University of Hong Kong.
    34. Yuengert, A., 1993, The measurement of efficiency in life insurance: Estimates of a mixed normal gamma error model, Journal of Banking and Finance, 17, 483-496
    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    93351003
    94
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0093351003
    資料類型: thesis
    顯示於類別:[國際經營與貿易學系 ] 學位論文

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